Is Short-Selling Good Business?

When this question arises in the context of buying a short sale, the common answer is "sometimes." Most people believe that the term "short sale" means that the seller is in financial difficulty and needs to sell the property immediately to avoid further financial problems. This is not always the case, nor does it mean that it is an opportunity for the buyer to profit from someone else's misfortune. Conversely, a lender may accept a short sale even if the seller is currently making loan payments. A short sale may proceed if the lender determines that the homeowner cannot endure the burdens and hardships that the current loan may pose. In these cases, the bargain price may actually be closer to, rather than lower than, the current market price. If the home has improvements that exceed surrounding standards, it can be a very good deal.

Are you ready to buy a short-sale property? 
• The importance of being prepared to make an offer to purchase a short-sale property cannot be underestimated. Hiring the services of a real estate professional can help you learn more about the transaction. His Knight team at Keller Williams is comprised of Real Estate Agents® who have the training and experience to help you understand the process. It is important to do proper research so that you can make an informed decision. We have the resources to advise you on verifying ownership, the number of lenders involved, and investigating whether any foreclosure notices have been filed. These facts will help you determine how long the process will take and how you should proceed. • Always try to hire a real estate professional with experience in short sales. Knight Team Realtors® at Keller Williams Realty can help speed your transaction. We are His Realtors® and are educated, trained, and certified by the Bakersfield Association of Realtors®, the California Association of Realtors®, and the National Association of Realtors®. Put our experience and knowledge to your benefit.

• Even with an experienced real estate agent and under the best of circumstances, a short sale of real estate can take longer than a typical real estate transaction. Note that most short sales last longer than 1–2 months. Keep in mind that not only do you need to satisfy the seller, but the lender also needs to agree to the terms of the sale. It's not uncommon for offers to be sent to multiple lenders for approval, so it takes time, and in some cases, a lender's decision can take a 2-3 month consideration period. Lenders typically sell properties at the highest net value, so asking for concessions can influence your decision. Be sure to reserve the right to conduct pest, HVAC, electrical, and other critical area inspections. When we make an offer, the agents on the Knight team have your best interests at heart and will always advise you to base your offer on the results of the inspection.

Article Source: https://boostarticles.com

Join Us: https://boostarticles.com/signup